The Commonwealth of Virginia has designed ARMICS to achieve the following objectives:
- Strategic: support for "being recognized as the best-managed state in the nation" through internal control best practice:
- Operational: effective and efficient use of fiscal resources and other assets
- Reporting: integrity and reliability of financial reporting
- Compliance: compliance with applicable laws and regulations
- Stewardship: protection and conservation of assets
To meet these standards, an agency (e.g., UVA) must demonstrate that it has five internal control components established and fully functioning:
- Control Environment,
- Risk Assessment,
- Control Activities,
- Information and Communication, and
- Monitoring.